Wheat futures extend losses, down 1.20 pc on adequate stocks

Continuing its losing streak for the third day, wheat prices drifted by 1.20 per cent to Rs 1,640 per quintal in futures trading today as speculators engaged in trimming their positions, triggered by ample stocks position at spot market.

In futures trading at the National Commodity and Derivatives Exchange, wheat for March fell by Rs 20, or 1.20 per cent toRs 1,640 per quintal with an open interest of 1,730 lots.

Analysts said, offloading of positions by traders, driven by sufficient stocks position on increased supplies from producing regions in the physical market, mainly kept wheat prices down at futures trade.